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Take Solutions Ltd Audit Report / Information 2020
60381_rns_2020-07-13_b641f171-975d-4885-bcc2-8e1ff7e93c77.pdf
Audit Report / Information
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July 08, 2020
TAKE/NSE/2020-21
The Manager-Listing Department National Stock Exchange of India Limited Exchange Plaza, Bandra - Kurla Complex, Bandra (East), Mumbai – 400051 Scrip Code: TAKE
Dear Sir / Madam,
Sub: Clarification on financial results submitted without wet signature
This is with reference to your e-mail seeking clarification regarding submission of fourth quarter financial results without wet signature of the Authorized Signatory. In this regard, we would like to clarify that due to the COVID-19 outbreak and incessant lockdown, the Board Meeting was convened through audio visual mode and the Directors attended the meeting from different location. It was, therefore, not possible to submit the financial results with wet signature of the Authorised Signatory. Hence, the financial results have been submitted with SD of the Authorised Signatory on the date of Board Meeting.
Subsequently the financials were duly signed and enclosing herewith the signed financials for your records. Kindly take of the same.
Thanking you.
Yours faithfully, For TAKE Solutions Limited
Avaneesh Singh Company Secretary Encl : A/c
Auditor's Report on the audit of the Annual Consolidated Financial Results of the Group pursuant to the Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015
INDEPENDENT AUDITOR'S REPORT
The Board of Directors Take Solutions Limited
Report on the Audit of Consolidated Financial Results
Opinion
We have audited the accompanying consolidated annual financial results of Take Solutions Limited (hereinafter referred to as the "Parent Company") and its subsidiary (Parent Company and its subsidiary together referred to as "the Group") for the quarter and year ended March 31, 2020 attached herewith, being submitted by the Parent Company pursuant to the requirement of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended ('Listing Regulations').
In our opinion and to the best of our information and according to the explanations given to us and based on the consideration of reports of other auditor on separate audited financial results of the subsidiary, the aforesaid consolidated financial results:
- i. include the annual financial results pertaining to the entities listed in Annexure.
- ii. are presented in accordance with the requirements of Regulation 33 of the Listing Regulations in this regard; and
- iii. give a true and fair view in conformity with the applicable accounting standards, and other accounting principles generally accepted in India, of net profit and total comprehensive income and other financial information of the Group for the year ended March 31, 2020.
Basis for Opinion
We conducted our audit in accordance with the Standards on Auditing (SAs) specified under section 143 (10) of the Companies Act, 2013 ("Act"). Our responsibilities under those Standards are further described in the Auditor's Responsibilities for the Audit of the Consolidated Financial Results section of our report. We are independent of the Group in accordance with the Code of Ethics issued by the Institute of Chartered Accountants of India together with the ethical requirements that are relevant to our audit of the financial statements under the provisions of the Companies Act, 2013 and the Rules thereunder, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the Code of Ethics. We believe that the audit evidence obtained by us is sufficient and appropriate to provide a basis for our opinion.
Pune Office: GDA House, Piot No.85, Right Bhusari Colony, Paud Road, Kothrud, Pune ~ 411 038, Phone - 020 - 25280081, Fax No. 25280275, Email - [email protected]
Emphasis of Matter
We draw attention to the following matter in the Notes to the consolidated financial results:
The management has taken into consideration the impact of the known internal and external events arising from COVID-19 pandemic in the assessment of recoverability of trade receivables, goodwill on acquisition, intangible assets and contract assets up to the date of approval of these financial results. In this assessment, the group has performed sensitivity analysis on the key assumptions used. Such review and analysis performed by the group did not reveal any impairment losses.
However, the impact assessment of COVID-19 is an ongoing process, given the uncertainties associated with its nature and duration. The impact of global health pandemic might be different from that estimated as at the date of approval of these financial results and the group will continue to closely monitor any significant impact on the group's financial position.
Our opinion is not modified in respect of the above matter.
Board of Directors' Responsibilities for the Consolidated Financial Results
These Consolidated financial results have been prepared on the basis of the consolidated annual financial statements. The Parent Company's Board of Directors are responsible for the preparation and presentation of these consolidated financial results that give a true and fair view of the net profit and total comprehensive income and other financial information of the Group in accordance with the Indian Accounting Standards prescribed under Section 133 of the Act read with relevant rules issued thereunder and other accounting principles generally accepted in India and in compliance with Regulation 33 of the Listing Regulations. The respective Board of Directors of the companies included in the Group are responsible for maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding of the assets of the Group and for preventing and detecting frauds and other irregularities; selection and application of appropriate accounting policies; making judgments and estimates that are reasonable and prudent; and the design, implementation and maintenance of adequate internal financial controls, that were operating effectively for ensuring accuracy and completeness of the accounting records, relevant to the preparation and presentation of the consolidated financial results that give a true and fair view and are free from material misstatement, whether due to fraud or error, which have been used for the purpose of preparation of the consolidated financial results by the Directors of the Parent Company, as aforesaid.
In preparing the consolidated financial results, the respective Board of Directors of the companies included in the Group are responsible for assessing the ability of the Group to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the respective Board of Directors either intends to liquidate the Group or to cease operations, or has no realistic alternative but to do so. The respective Board of Directors of the companies included in the Group are responsible for overseeing the financial reporting process of the Group.
Pune Office: GDA House, Plot No.85, Right Bhusari Colony, Paud Road, Kothrud, Pune - 411 038, Phone - 020 - 25280081, Fax No. 25280275, Email - [email protected]
Auditor's Responsibilities for the Audit of the Consolidated Financial Results
Our objectives are to obtain reasonable assurance about whether the consolidated financial results as a whole are free from material misstatement, whether due to fraud or error and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with SAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these consolidated financial results.
As part of an audit in accordance with SAs, we exercise professional judgment and maintain professional skepticism throughout the audit. We also:
- Identify and assess the risks of material misstatement of the consolidated financial results, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
- Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances. Under Section 143(3) (i) of the Act, we are also responsible for expressing our opinion on whether the group companies has adequate internal financial controls with reference to financial statements in place and the operating effectiveness of such controls...
- Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the Board of Directors.
- Conclude on the appropriateness of the Board of Directors use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the ability of the Group to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor's report to the related disclosures in the consolidated financial results or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor's report. However, future events or conditions may cause the Group to cease to continue as a going concern.
- Evaluate the overall presentation, structure and content of the consolidated financial results, including the disclosures, and whether the consolidated financial results represent the underlying transactions and events in a manner that achieves fair presentation.
- Obtain sufficient appropriate audit evidence regarding the financial results/financial information of the entities within the Group to express an opinion on the consolidated Financial Results. We are responsible for the direction, supervision and performance of the audit of financial information of such entities included in the consolidated financial results of which we are the independent auditors. For the other entities included in the consolidated
Pune Office: GDA House, Plot No.85, Right Bhusari Colony, Paud Road, Kothrud, Pune - 411 038, Phone - 020 - 25280081, Fax No. 25280275, Email - [email protected]
Financial Results, which have been audited by other auditors, such other auditors remain responsible for the direction, supervision and performance of the audits carried out by them. We remain solely responsible for our audit opinion.
We communicate with those charged with governance of the Parent Company and such other entities included in the consolidated financial results of which we are the independent auditors regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.
We also provide those charged with governance with a statement that we have complied with relevant ethical requirements regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, related safeguards.
The Financial Results include the results for the quarter ended March 31, 2020 being the balancing figure between the audited figures in respect of the full financial year and the published unaudited year to date figures up to the third quarter of the current financial year which were subject to limited review by us.
For G. D. Apte & Co. Chartered Accountants Firm Registration Number: 100515W UDIN:20113053AAAABM5150
SCP
Umesh S. Abhyankar Partner Membership Number: 113053 Pune, June 11, 2020
Pune Office: GDA House, Plot No.85, Right Bhusari Colony, Paud Road, Kothrud, Pune - 411 038, Phone - 020 -25280081, Fax No. 25280275, Email - [email protected] Mumbai Office: Windsor, 6th Floor, OfficeNo-604, C.S.T. Road, Kalina, Santacruz (East), Mumbai-400 098
Annexure
Annexure referred to in Paragraph 2 of our Audit Report on the Consolidated Financial Results of Take Solutions Limited for the Quarter and year ended March 31, 2020
| Sr. No. | Particulars | |
|---|---|---|
| Α | Subsidiaries | |
| 1 | APA Engineering Private Limited | |
| 2 | Ecron Acunova Limited | |
| 3 | TAKE Solutions Global Holding Pte Ltd | |
| 4 | TAKE Solutions Limited ESOP Trust | |
| 5 | Navitas LLP | |
| В | Step Down Subsidiaries | |
| 1 | APA Engineering Pte Ltd, Singapore | |
| $\overline{2}$ | APA Engineering Inc., USA | |
| З | TAKE Solutions Information Systems Pte Ltd, Singapore | |
| 4 | TAKE Enterprise Services Inc., USA | |
| 5 | TAKE Innovations Inc, USA | |
| 6 | Navitas Life Sciences Holdings Limited, UK | |
| 7 | Million Star Technologies Limited, Mauritius | |
| 8 | Intelent Inc, USA | |
| 9 | Navitas Life Sciences Limited, UK | |
| 10 | Navitas Inc., USA | |
| 11 | Navitas Life Sciences S. A. S. Colombia | |
| 12 | Acunova Life Science Inc., USA | |
| 13 | Navitas Lifesciences Company Limited, Thailand | |
| 14 | Acunova Life Sciences Limited, UK | |
| 15 | Navitas Life Sciences, GmbH, Germany | |
| 16 | Ecron Acunova 5dn. Bhd., Malaysia | |
| 17 | Ecron Acunova Sp. Z. O. O., Poland | |
| 18 | Ecron LLC, Ukraine |
Pune Office: GDA House, Plot No.85, Right Bhusari Colony, Paud Road, Kothrud, Pune - 411 038, Phone - 020 $-25280081$ , Fax No. 25280275, Email - [email protected]
G.D. Apte & Co. Chartered Accountants
| 19 | Ecron Acunova LLC, Russia |
|---|---|
| -20 | Navitas Life Sciences A/S, Denmark |
| 21 | Navitas Life Sciences Pte Ltd, Singapore |
Pune Office: GDA House, Plot No.85, Right Bhusari Colony, Paud Road, Kothrud, Pune - 411 038, Phone - 020 - 25280081, Fax No. 25280275, Email - [email protected]
Mumbai Office: Windsor, 6th Floor, OfficeNo-604, C.S.T. Road, Kalina, Santacruz (East), Mumbai-400 098
TAKE SOLUTIONS LTD
CIN: L63090TN2000PLC046338
Regd. Office : 27, Tank Bund Road, Nungambakkam, Chennai 600 034
www.takesolutions.com
| Statement of Audited Consolidated Financial Results for the quarter and year ended March 31, 2020 (₹ In Lakhs except per share data). |
|||||||
|---|---|---|---|---|---|---|---|
| Quarter Ended | Year Ended | ||||||
| Sl. No. |
Particulars | Mar 31, 2020 |
Dec 31, 2019 |
Mar 31, 2019 |
Mar 31, 2020 |
Mar 31, 2019 |
|
| (Audited) | (Unaudited) | (Audited) | (Audited) | (Audited) | |||
| 1 | Revenue from operations | 37,066.59 | 65,110.93 | 53,393.80 | 221,289.95 | 203,899.85 | |
| 2 | Other Income | 1,562.73 | 343.87 | 194.77 | 2,638.89 | 1,074.91 | |
| 3 | Total Revenue | 38,629.32 | 65,454.80 | 53,588.57 | 223,928.84 | 204,974.76 | |
| 4 | Expenses | 57,399.66 | |||||
| Cost of revenue Employee benefit expenses |
14,756.14 18,316.54 |
17,749.17 19,835.45 |
14,992.00 15,571.22 |
66,161.99 71,858.06 |
59,162.26 | ||
| Finance cost | 1,026.66 | 1,076.27 | 873.77 | 4,127.43 | 2,501.07 | ||
| Depreciation and amortisation | 4,034.57 | 4,107.30 | 3,971.44 | 16,692.80 | 15,350.96 | ||
| Other expenses | 19,491.86 | 16,693.39 | 14,723.74 | 66,380.29 | 48,991.88 | ||
| Total Expenses | 57,625.77 | 59,461.58 | 50,132.17 | 225,220.57 | 183,405.83 | ||
| 5 | Profit/(Loss) before tax (3-4) | (18,996.45) | 5,993.22 | 3,456.40 | (1,291.73) | 21,568.93 | |
| 6 | Tax expense | ||||||
| Current tax | 783.26 | 1,048.53 | 661.95 | 4,148.00 | 3,199.40 | ||
| Shortfall / (excess) provision of earlier years | (0.15) | (150.71) | 8.08 | (172.14) | 27.31 | ||
| Deferred tax | (3,864.40) | (19.05) | 80.16 | (4,173.40) | 502.99 | ||
| 7 | Profit/(Loss) for the period (5-6) | (15,915.16) | 5,114.45 | 2,706.21 | (1,094.19) | 17,839.23 | |
| Attributable to: | |||||||
| Shareholders of the company Non-controlling interest |
(15,793.04) (122.12) |
5,043.84 70.61 |
2,787.92 (81.71) |
(1,236.03) 141.84 |
17,729.64 109.59 |
||
| 8 | Other Comprehensive Income | ||||||
| a) i) Items that will not be reclassified to profit or (loss) | (10.96) | (26.56) | 35.90 | (139.15) | (42.31) | ||
| ii) Income tax provision / (reversal) relating to the items that will not be | |||||||
| reclassified to profit or (loss) | 14.74 | (8.47) | 17.71 | (27.51) | (13.24) | ||
| b) i) Items that will be reclassified to profit or (loss) | 3,156.80 | 3,274.14 | (7,977.16) | 7,283.92 | 3,213.36 | ||
| ii) Income tax provision / (reversal) relating to the items that will be | |||||||
| reclassified to profit or (loss) | (4.54) | (10.89) | (1.89) | (15.29) | 17.34 | ||
| Total Other Comprehensive Income Attributable to: |
3,135.64 | 3,266.94 | (7,957.08) | 7,187.57 | 3,166.95 | ||
| Shareholders of the company | 3,147.95 | 3,267.01 | (7,956.75) | 7,199.88 | 3,167.05 | ||
| Non-controlling interest | (12.31) | (0.07) | (0.33) | (12.31) | (0.10) | ||
| 9 | Total Comprehensive Income | (12,779.52) | 8,381.39 | (5,250.87) | 6,093.38 | 21,006.18 | |
| Attributable to: | |||||||
| Shareholders of the company | (12,645.09) | 8,310.85 | (5,168.83) | 5,963.85 | 20,896.69 | ||
| Non-controlling interest | (134.43) | 70.54 | (82.04) | 129.53 | 109.49 | ||
| 10 Paid-up equity share capital (Face value ₹ 1/- each) | 1,461.29 | 1,462.20 | 1,461.36 | 1,461.29 | 1,461.36 | ||
| 11 Earnings per share (of ₹ 1/- each not annualised) (a) Basic |
(10.81) | 3.45 | 1.90 | (0.85) | 12.13 | ||
| (b) Diluted | (10.79) | 3.45 | 1.89 | (0.84) | 12.09 | ||
Segment Wise Revenue and Results
Primary Segment Information
| ( ₹ In Lakhs) | |||||
|---|---|---|---|---|---|
| Quarter Ended | Year Ended | ||||
| Particulars | Mar 31, | Dec 31, | Mar 31, | Mar 31, | Mar 31, |
| 2020 | 2019 | 2019 | 2020 | 2019 | |
| (Audited) | (Unaudited) | (Audited) | (Audited) | (Audited) | |
| 1. Segment Revenue | |||||
| (i) Life Sciences | 34,324.12 | 61,531.12 | 49,997.31 | 207,920.85 | 188,048.57 |
| (ii) Supply Chain Management | 2,742.47 | 3,579.81 | 3,396.49 | 13,369.10 | 15,851.28 |
| Revenue from Operations | 37,066.59 | 65,110.93 | 53,393.80 | 221,289.95 | 203,899.85 |
| 2. Segment Results | |||||
| (i) Life Sciences | (17,246.65) | 7,636.73 | 5,526.53 | 5,011.07 | 28,457.72 |
| (ii) Supply Chain Mangement | (391.29) | 347.51 | (6.41) | 660.57 | 456.48 |
| Total | (17,637.94) | 7,984.24 | 5,520.12 | 5,671.64 | 28,914.20 |
| Less: (i) Finance cost | 1,026.66 | 1,076.27 | 873.77 | 4,127.43 | 2,501.07 |
| (ii) Other Un-allocable Expenditure net off Un-allocable Income | 331.85 | 914.75 | 1,189.95 | 2,835.94 | 4,844.20 |
| Profit Before Tax | (18,996.45) | 5,993.22 | 3,456.40 | (1,291.73) | 21,568.93 |
Segregation of assets, liabilities, depreciation and other non-cash expenses into various primary segments has not been carried out as the assets are used interchangeably between segments. Accordingly, no disclosure relating to segmental assets and liabilities has been made.
| (₹ In Lakhs) | |||||
|---|---|---|---|---|---|
| As at | As at | ||||
| Particulars | Mar 31, 2020 | Mar 31, 2019 | |||
| (Audited) | (Audited) | ||||
| ASSETS | |||||
| Non-current assets | |||||
| (a) | Property, plant and equipment | 28,955.85 | 26,376.02 | ||
| (b) | Capital work in progress | 76.89 | 141.60 | ||
| (c) | Right-of-use asset | 4,870.62 | - | ||
| (d) | Goodwill | 23,837.54 | 23,148.18 | ||
| (e) | Other intangible assets | ||||
| (i) Goodwill on business acquisition | 32,827.39 | 30,634.02 | |||
| (ii) Other intangible assets | 32,860.29 | 28,975.76 | |||
| (f) | Intangible assets under development | 6.00 | 3,983.73 | ||
| (g) | Financial Assets | ||||
| (i) Investments | 1,167.27 | 660.92 | |||
| (ii) Loans | 715.80 | 709.32 | |||
| (iii) Other financial asset | - | - | |||
| (h) | Deferred tax assets (net) | 1,879.85 | 278.99 | ||
| (i) | Income tax assets (net) Other non-current assets |
878.09 | 943.89 | ||
| (j) | 362.84 | 344.40 | |||
| Total Non-Current Assets | 128,438.43 | 116,196.84 | |||
| Current assets | |||||
| (a) | Inventories | 342.23 | 1,755.40 | ||
| (b) | Financial assets | ||||
| (i) Investments | 582.55 | 362.08 | |||
| (ii) Trade receivables | 70,082.98 | 52,540.41 | |||
| (iii) Unbilled receivables | 11,233.13 | 17,790.28 | |||
| (iv) Cash and cash equivalents | 4,513.20 | 4,676.48 | |||
| (v) Bank balances other than (iii) above | 36.16 | 2,287.34 | |||
| (vi) Loans | - | 216.49 | |||
| (vii) Other financial assets | 14,009.92 | 20,307.47 | |||
| (c) | Other current assets | 19,086.81 | 17,258.64 | ||
| Total Current Assets | 119,886.98 | 117,194.59 | |||
| Total Assets | 248,325.41 | 233,391.43 | |||
| EQUITY AND LIABILITIES | |||||
| Equity | |||||
| (a) | Equity share capital | 1,462.25 | 1,461.36 | ||
| (b) | Other equity | 156,072.65 | 150,361.93 | ||
| (c) | Non-controlling interests | 1,004.13 | 917.71 | ||
| Total Equity | 158,539.03 | 152,741.00 | |||
| Non-current liabilities Financial liabilities |
|||||
| (a) | |||||
| Borrowings Lease liabilities |
17,353.18 | 3,888.36 | |||
| (b) (c) |
Provisions | 3,917.36 719.81 |
- 110.74 |
||
| (d) | Deferred tax liabilities (net) | 1,821.64 | 4,269.26 | ||
| (e) | Other non-current liabilities | - | 7.64 | ||
| Total Non-Current Liabilities | 23,811.99 | 8,276.00 | |||
| Current liabilities | |||||
| (a) | Financial liabilities | ||||
| (i) Borrowings | 34,062.41 | 41,634.05 | |||
| (ii) Trade Payables | 6,092.75 | 1,427.17 | |||
| (iii) Other financial liabilities | 13,973.70 | 19,870.97 | |||
| (b) | Lease liabilities | 1,058.04 | - | ||
| (c) | Other current liabilities | 8,543.08 | 5,505.07 | ||
| (d) | Provisions | 82.28 | 447.76 | ||
| (e) | Income tax liabilities (net) | 2,162.13 | 3,489.42 | ||
| Total Current Liabilities | 65,974.39 | 72,374.43 | |||
| Total Equity and Liabilities | 248,325.41 | 233,391.43 |
2. Consolidated Statement of Cash flows
| (₹ In Lakhs) | ||||
|---|---|---|---|---|
| Year ended | ||||
| Mar 31, | Mar 31, | |||
| Particulars | 2020 | 2019 | ||
| (Audited) | (Audited) | |||
| NET PROFIT/ (LOSS) BEFORE TAX | (1,291.73) | 21,568.93 | ||
| Adjustments for | ||||
| Depreciation and Amortisation | 16,692.80 | 15,350.96 | ||
| Finance Cost | 4,127.43 | 2,501.07 | ||
| Interest income | (125.92) | (403.10) | ||
| (Profit)/Loss on sale of investments | (1.58) | (78.90) | ||
| Employee stock option expense | 319.25 | 405.60 | ||
| Dividend income | (1.09) | (112.30) | ||
| Foreign exchange adjustments - loss/(gain) | (1,196.52) | (179.70) | ||
| Profit on revaluation of financial instruents | (446.58) | - | ||
| Provision for Expected credit loss | 1,560.45 | 137.20 | ||
| Operating Profit before Working Capital Changes | 19,636.51 | 39,189.76 | ||
| (Increase)/Decrease in loans and adv, trade receivables and other assets | (10,678.70) | (24,774.70) | ||
| Increase/ (Decrease) in trade payables, liabilities and provisions | 17,393.94 | (3,010.90) | ||
| Cash flow from/ (used in) Operations | 26,351.75 | 11,404.16 | ||
| Direct taxes paid, net of refunds NET CASH FROM /(USED) IN OPERATING ACTIVITIES |
(5,237.33) 21,114.42 |
(1,046.70) 10,357.46 |
||
| B) CASH FLOW FROM INVESTING ACTIVITIES | ||||
| Purchase of Property Plan and Equipment | (15,760.28) | (12,844.40) | ||
| Product development expenses | (2,489.68) | (6,400.90) | ||
| Sale of fixed assets | 1.01 | 219.60 | ||
| (Purchase) / sale of investments | (217.11) | 5,026.30 | ||
| (Purchase) / sale on account of Business Combinations | (7,487.80) | (35,071.25) | ||
| Dividend income | 1.09 | 112.30 | ||
| Interest income | 125.92 | 403.10 | ||
| Reduction / (Increase) of bank deposits | 2,257.95 | 85.40 | ||
| NET CASH FROM /(USED) IN INVESTING ACTIVITIES | (23,568.90) | (48,469.85) | ||
| C) CASH FLOW FROM FINANCING ACTIVITIES | ||||
| Net movement in Long/short-term borrowings | 7,925.90 | 15,135.80 | ||
| Proceeds from exercise of employee options | 64.76 | 184.40 | ||
| Dividend Paid on equity shares including dividend distribution tax | (711.38) | (2,828.20) | ||
| Payment of Lease Liability | (1,526.31) | - | ||
| Finance Cost | (3,699.16) | (2,501.07) | ||
| NET CASH FROM /(USED) IN FINANCING ACTIVITIES | 2,053.81 | 9,990.93 | ||
| Net Increase/(Decrease) in Cash & Cash equivalents | (400.67) | (28,121.46) | ||
| Add: Cash and cash equivalents as at the beginning of the year | 4,676.48 | 31,713.90 | ||
| Exchange difference on translation of foreign currency cash and cash equivalents Cash & Cash equivalents as at the end of the year |
237.39 | 1,084.04 | ||
| 4,513.20 | 4,676.48 |
3 The Consolidated Financial Results for the quarter and year ended March 31, 2020 have been reviewed and recommended by the Audit Committee and approved by the Board of Directors of the company in their respective meetings held on June 11, 2020. The statutory auditors of the company have carried out audit of the results for the quarter and year ended March 31, 2020.
4 Effective April 1, 2019, the Group adopted Ind AS 116 'Leases' and applied the same to the lease arrangements entered during the period from April 1, 2019 to March 31, 2020 and also for lease arrangements existing on April 1, 2019 using the modified retrospective approach recognizing right -of -use asset and corresponding lease liability . Accordingly , comparatives for the year ended March 31, 2019 and other periods disclosed have not been retrospectively adjusted. The effect of the adoption is not significant to the profit for the period.
5 The Consolidated and Standalone financial results for the quarter and year ended March 31, 2020 are available on the Company's website (www.takesolutions.com) and the website of BSE (www.bseindia.com) and NSE (www.nseindia.com)
6 The Novel Coronavirus (COVID-19), a Global Pandemic, is rapidly spreading throughout the world. Outbreak of COVID - 19 has significantly affected the social and economic activities worldwide and, as a result, could affect the operations and results of the Company. In line with the advisories, orders and directions issued by the local and state government authorities to prevent and contain the spread of Coronavirus, the Management has taken necessary measures. The Management has taken into consideration the impact of the known internal and external events arising from COVID-19 pandemic in the assessment of recoverability of trade receivables, contract assets and certain investments in subsidiaries upto the date of approval of these financial results. In this assessment, the company has performed sensitivity analysis on the key assumptions used. Such review and analysis performed by the company did not reveal any impairment losses.
However the impact assessment of COVID-19 is an ongoing process, given the uncertainties associated with its nature and duration. The impact of global health pandemic might be different from that estimated as at the date of approval of these financial results and the Company will continue to closely monitor any significant impact on the company's financial position.
7 During the quarter ended March 31, 2020, employees exercised 4,500 equity shares under Employee Stock Option Scheme of the Group.
8 The financial results of TAKE Solutions Limited (Standalone information)
| (₹ In Lakhs) | ||||||
|---|---|---|---|---|---|---|
| Quarter Ended | Year Ended | |||||
| Particulars | Mar 31, | Dec 31, | Mar 31, | Mar 31, | Mar 31, | |
| 2020 | 2019 | 2019 | 2020 | 2019 | ||
| (Audited) | (Unaudited) | (Audited) | (Audited) | (Audited) | ||
| Total income | 1,664.91 | 1,205.70 | (2,945.31) | 4,711.14 | 5,630.74 | |
| Net profit/(loss) before tax | 1,267.30 | 589.56 | (3,890.05) | 2,550.65 | 1,950.83 | |
| Net profit/(loss) for the period | 1,067.58 | 659.33 | (3,753.50) | 2,493.82 | 1,739.47 | |
| Total comprehensive income | 1,069.03 | 658.32 | (3,757.14) | 2,492.85 | 1,736.39 |
9 Previous period figures have been regrouped /reclassified, wherever necessary to conform to current period's classification.
| CHENNAI | |
|---|---|
Place : Chennai Srinivasan H.R. Date : June 11, 2020 Vice Chairman & Managing Director For and on behalf of the Board of Directors Jv.:IAA-·vtU4 ..
Auditor's Report on Standalone Quarterly and Annual Financial Results of Take Solutions Limited Pursuant to the Regulation 33 of the SEBI (Listing Obligations and disclosure Requirements) Regulations, 2015
INDEPENDENT AUDITOR'S REPORT
The Board of Directors Take Solutions Limited
Report on the audit of the Standalone Financial Results
Opinion
We have audited the accompanying standalone financial results of Take Solutions Limited (the company) for the quarter and year ended March 31, 2020, being submitted by the company pursuant to the requirement of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended ("Listing Regulations").
In our opinion and to the best of our information and according to the explanations given to us these standalone financial results:
- i. are presented in accordance with the requirements of Regulation 33 of the Listing Regulations in this regard; and
- give a true and fair view in conformity with the recognition and measurement principles laid ii. down in the applicable accounting standards and other accounting principles generally accepted in India of the net profit and total comprehensive income and other financial information for the quarter and year ended March 31, 2020.
Basis for Opinion
We conducted our audit in accordance with the Standards on Auditing (SAs) specified under section 143(10) of the Companies Act, 2013 (the Act). Our responsibilities under those Standards are further described in the Auditor's Responsibilities for the Audit of the Standalone Financial Results section of our report. We are independent of the Company in accordance with the Code of Ethics issued by the Institute of Chartered Accountants of India together with the ethical requirements that are relevant to our audit of the financial results under the provisions of the Companies Act, 2013 and the Rules thereunder and we have fulfilled our other ethical responsibilities in accordance with these requirements and the Code of Ethics. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Pune Office: GDA House, Plot No.85, Right Bhusari Colony, Paud Road, Kothrud, Pune - 411 038, Phone - 020 - 25280081, Fax No. 25280275, Email - [email protected]
Emphasis of Matter
We draw attention to the following matter in the Notes to the standalone financial results:
The management has taken into consideration the impact of the known internal and external events arising from COVID-19 pandemic in the assessment of recoverability of trade receivables, contract assets and certain investments in subsidiaries up to the date of approval of these financial results. In this assessment, the company has performed sensitivity analysis on the key assumptions used. Such review and analysis performed by the company did not reveal any impairment losses.
However, the impact assessment of COVID-19 is an ongoing process, given the uncertainties associated with its nature and duration. The impact of global health pandemic might be different from that estimated as at the date of approval of these financial results and the Company will continue to closely monitor any significant impact on the company's financial position.
Our opinion is not modified in respect of the above matter.
Management's Responsibilities for the Standalone Financial Results
These Standalone financial results have been prepared on the basis of the standalone annual financial statements. The Company's Board of Directors are responsible for the preparation of these standalone financial results that give a true and fair view of the net profit and total comprehensive income and other financial information in accordance with the Indian Accounting Standards prescribed under Section 133 of the Act read with relevant rules issued thereunder, other accounting principles generally accepted in India and in compliance with Regulation 33 of the Listing Regulations. This responsibility also includes maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding of the assets of the Company and for preventing and detecting frauds and other irregularities; selection and application of appropriate accounting policies; making judgments and estimates that are reasonable and prudent; and design, implementation and maintenance of adequate internal financial controls that were operating effectively for ensuring the accuracy and completeness of the accounting records, relevant to the preparation and presentation of the standalone financial results that give a true and fair view and are free from material misstatement, whether due to fraud or error.
In preparing the standalone financial results, the Board of Directors are responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Board of Directors either intends to liquidate the Company or to cease operations, or has no realistic alternative but to do so. The Board of Directors are also responsible for overseeing the Company's financial reporting process.
Auditor's Responsibilities for the Audit of the Standalone Financial Results
Our objectives are to obtain reasonable assurance about whether the standalone financial results as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a
Pune Office: GDA House, Plot No.85, Right Bhusari Colony, Paud Road, Kothrud, Pune - 411 038, Phone - 020 - 25280081, Fax No. 25280275, Email - [email protected]
guarantee that an audit conducted in accordance with SAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these standalone financial results.
As part of an audit in accordance with SAs, we exercise professional judgment and maintain professional skepticism throughout the audit. We also:
- Identify and assess the risks of material misstatement of the standalone financial results, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
- Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the company's internal control.
- Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the Board of Directors.
- Conclude on the appropriateness of the Board of Directors' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor's report to the related disclosures in the financial results or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor's report. However, future events or conditions may cause the Company to cease to continue as a going concern.
- Evaluate the overall presentation, structure and content of the standalone financial results, including the disclosures, and whether the financial results represent the underlying transactions and events in a manner that achieves fair presentation.
We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.
We also provide those charged with governance with a statement that we have complied with relevant ethical requirements regarding independence and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, related safeguards.
Mumbai Office: Windsor, 6th Floor, OfficeNo-604, C.S.T. Road, Kalina, Santacruz (East), Mumbai-400 098
Pune Office: GDA House, Plot No.85, Right Bhusari Colony, Paud Road, Kothrud, Pune - 411 038, Phone - 020 - 25280081, Fax No. 25280275, Email - [email protected]
The Financial Results include the results for the quarter ended March 31, 2020 being the balancing figure between the audited figures in respect of the full financial year and the published unaudited year to date figures up to the third quarter of the current financial year which were subject to limited review by us.
For G.D. Apte & Co. Chartered Accountants Firm Registration Number: 100 515W UDIN:20113053AAAABN4226
$\infty$
Umesh S. Abhyankar Partner Membership Number: 113 053 Pune, June 11, 2020
Pune Office: GDA House, Plot No.85, Right Bhusari Colony, Paud Road, Kothrud, Pune - 411 038, Phone - 020 - 25280081, Fax No. 25280275, Email - [email protected]
TAKE SOLUTIONS LTD
CIN: L63090TN2000PLC046338
Regd. Office : 27, Tank Bund Road, Nungambakkam, Chennai 600 034
www.takesolutions.com
| Statement of Audited Standalone Financial Results for the quarter and year ended March 31, 2020 | ||||||
|---|---|---|---|---|---|---|
| (₹ In Lakhs except per share data). | ||||||
| Quarter Ended Year Ended |
||||||
| Sl. | Particulars | Mar 31, | Dec 31, | Mar 31, | Mar 31, | Mar 31, |
| No. | 2020 | 2019 | 2019 | 2020 | 2019 | |
| (Audited) | (Unaudited) | (Audited) | (Audited) | (Audited) | ||
| 1 | Revenue from operations | 63.02 | 43.79 | 643.46 | 246.55 | 2,195.86 |
| 2 | Other Income | 1,601.89 | 1,161.91 | (3,588.77) | 4,464.59 | 3,434.88 |
| 3 | Total Income | 1,664.91 | 1,205.70 | (2,945.31) | 4,711.14 | 5,630.74 |
| 4 | Expenses | |||||
| Cost of revenue | 60.30 | 43.72 | 458.42 | 178.44 | 1,815.66 | |
| Employee benefit expenses | 148.53 | 131.34 | 225.90 | 632.24 | 682.19 | |
| Finance cost | 9.86 | 10.33 | - | 42.51 | - | |
| Depreciation and amortisation | 39.28 | 44.35 | 19.96 | 174.17 | 80.18 | |
| Other expenses | 139.64 | 386.40 | 240.46 | 1,133.13 | 1,101.88 | |
| Total Expenses | 397.61 | 616.14 | 944.74 | 2,160.49 | 3,679.91 | |
| 5 | Profit/(Loss) before tax (3-4) | 1,267.30 | 589.56 | (3,890.05) | 2,550.65 | 1,950.83 |
| 6 | Tax expense | |||||
| Current tax | 171.60 | (3.67) | (151.93) | 197.71 | 230.19 | |
| Shortfall / (excess) provision of earlier years | - | (86.63) | - | (86.63) | - | |
| 7 | Deferred tax | 28.12 | 20.53 | 15.38 | (54.25) | (18.83) |
| 8 | Profit/(Loss) for the period (5-6) Other Comprehensive Income |
1,067.58 | 659.33 | (3,753.50) | 2,493.82 | 1,739.47 |
| a) i) Items that will not be reclassified to profit or (loss) | 2.03 | (1.35) | (5.00) | (1.30) | (4.27) | |
| ii) Income tax provision / (reversal) relating to the items that will not be | ||||||
| reclassified to profit or (loss) | 0.58 | (0.34) | (1.36) | (0.33) | (1.19) | |
| b) i) Items that will be reclassified to profit or (loss) | - | - | - | - | - | |
| ii) Income tax provision/(reversal) relating to the items that will be | ||||||
| reclassified to profit or (loss) | - | - | - | - | - | |
| Total Other Comprehensive Income | 1.45 | (1.01) | (3.64) | (0.97) | (3.08) | |
| 9 | Total Comprehensive Income | 1,069.03 | 658.32 | (3,757.14) | 2,492.85 | 1,736.39 |
| 10 Paid-up equity share capital (Face value ₹ 1/- each) | 1,479.34 | 1,479.34 | 1,479.34 | 1,479.34 | 1,479.34 | |
| 11 Earnings per share (of ₹ 1/- each) (not annualised) | ||||||
| (a) Basic (in ₹) | 0.72 | 0.45 | (2.53) | 1.69 | 1.18 | |
| (b) Diluted (in ₹) | 0.71 | 0.45 | (2.52) | 1.68 | 1.17 | |
Note:
1. Standalone Statement of Assets and Liabilities
| (₹ In Lakhs) | ||||
|---|---|---|---|---|
| Particulars | As at Mar 31, 2020 |
As at Mar 31, |
||
| (Audited) | (Audited) | |||
| ASSETS | ||||
| Non-current assets Property, plant and equipment |
||||
| (a) | 232.11 | 305.38 | ||
| (b) | Right-of-use assets | 365.13 | - | |
| (c) | Other intangible assets | - | 1.65 | |
| (d) | Investment in subsidiaries | 51,731.87 | 51,171.52 | |
| (e) | Financial Assets | |||
| (i) Loans | 595.28 | 658.05 | ||
| (ii) Other financial asset | - | - | ||
| (f) | Deferred tax assets (net) | 212.47 | 157.90 | |
| (g) | Income tax assets (net) | 814.37 | 808.11 | |
| (h) | Other non-current assets | - | - | |
| Total Non-Current Assets | 53,951.23 | 53,102.61 | ||
| Current assets | ||||
| (a) | Inventories | 2.45 | 3.23 | |
| (b) | Financial assets | |||
| (i) Investments | - | - | ||
| (ii) Trade receivables | 1,246.80 | 643.13 | ||
| (iii) Cash and cash equivalents | 74.39 | 212.16 | ||
| (iv) Bank balances other than (iii) above | 29.35 | 2,281.14 | ||
| (v) Loans | 12,893.50 | 11,494.98 | ||
| (vi) Other financial assets | 10,572.88 | 9,426.79 | ||
| (c) | Other current assets | 579.27 | 262.23 | |
| Total Current Assets | 25,398.64 | 24,323.66 | ||
| Total Assets | 79,349.87 | 77,426.27 | ||
| EQUITY AND LIABILITIES | ||||
| Equity | ||||
| (a) | Equity share capital | 1,479.34 | 1,479.34 | |
| (b) | Other equity | 76,823.51 | 74,765.86 | |
| Total Equity | 78,302.85 | 76,245.20 | ||
| Non-current liabilities | ||||
| (a) | Financial liabilities | |||
| Other financial liabilities | 216.65 | 65.53 | ||
| Lease liabilities | ||||
| (b) | Provisions | 320.19 | - | |
| (c) | Total Non-Current Liabilities | 75.18 612.02 |
77.32 142.85 |
|
| Current liabilities | ||||
| (a) | Financial liabilities | |||
| (i) Trade Payables | 94.89 | 40.53 | ||
| (ii) Other financial liabilities | 256.41 | 977.86 | ||
| (b) | Lease liabilities | 64.51 | - | |
| (c) | Other current liabilities | 14.48 | 13.41 | |
| (d) | Provisions | 4.71 | 6.42 | |
| Total Current Liabilities | 435.00 | 1,038.22 | ||
| Total Equity and Liabilities | 79,349.87 | 77,426.27 |
2. Standalone Statement of Cash flows
| (₹ In Lakhs) | |||
|---|---|---|---|
| Year ended | |||
| Particulars | Mar 31, | Mar 31, | |
| 2020 | 2019 | ||
| (Audited) | (Audited) | ||
| A) CASH FLOW FROM OPERATING ACTIVITIES | |||
| NET PROFIT/ (LOSS) BEFORE TAX | 2,550.65 | 1,950.83 | |
| Adjustments for | |||
| Depreciation | 174.17 | 80.18 | |
| Finance Cost | 42.51 | - | |
| Dividend income | (48.96) | (147.90) | |
| Interest income | (916.05) | (1,411.10) | |
| Unwinding of liability for financial guarantee contracts Provision for gratuity, compensated absences & other benefits |
(200.51) (0.31) |
(135.20) 18.00 |
|
| Employee stock option expense | 115.47 | 203.90 | |
| Bad debts and provision for expected credit losses | 31.74 | 45.20 | |
| Foreign exchange adjustments - loss/(gain) | (437.92) | (256.80) | |
| (Gain)/Loss on Fair Valuation/Redemption of Mutual Funds | - | (147.80) | |
| Operating Profit before working Capital Changes | 1,310.79 | 199.31 | |
| (Increase)/Decrease in loans & advances and other assets | (1,958.00) | 703.00 | |
| Increase/ (Decrease) in liabilities and provisions | (726.12) | 497.00 | |
| Cash flow from/ (used in) Operations | (1,373.33) | 1,399.31 | |
| Direct taxes paid | (117.40) | (108.10) | |
| NET CASH FROM/(USED IN) OPERATING ACTIVITIES | (1,490.73) | 1,291.21 | |
| B) CASH FLOW FROM INVESTING ACTIVITIES | |||
| Purchase of fixed assets | - | (1.20) | |
| Sale/(Purchase) of investments Dividend income |
- 48.96 |
(9,391.00) 147.90 |
|
| Interest income | 1,211.55 | 1,411.10 | |
| Loans to related parties | (1,333.55) | (3,457.20) | |
| Reduction/ (Increase) of bank deposits | 2,251.75 | 100.00 | |
| NET CASH FROM /(USED IN) INVESTING ACTIVITIES | 2,178.71 | (11,190.40) | |
| C) CASH FLOW FROM FINANCING ACTIVITIES | |||
| Dividends paid on equity share including dividend distribution tax | (710.05) | (2,845.20) | |
| Payment of lease liability | (115.70) | - | |
| NET CASH FROM/(USED IN) FINANCING ACTIVITIES | (825.75) | (2,845.20) | |
| Net Increase/(Decrease) in Cash & Cash equivalents | (137.77) | (12,744.39) | |
| Add: Cash and Cash equivalents as at the beginning of the year | 212.16 | 12,956.55 | |
| Cash & Cash equivalents as at the end of the year | 74.39 | 212.16 |
- 3 The Standalone Financial Results for the quarter and year ended March 31, 2020 have been reviewed and recommended by the Audit Committee and approved by the Board of Directors of the company in their respective meetings held on June 11, 2020. The statutory auditors of the company have carried out the audit of the results for the quarter and year ended March 31, 2020.
- 4 Effective April 1, 2019, the Company adopted Ind AS 116 'Leases' and applied the same to the lease arrangements entered during the period from April 1, 2019 to March 31, 2020 and also for lease arrangements existing on April 1, 2019 using the modified retrospective approach recognizing right-of-use asset and corresponding lease liability . Accordingly , comparatives for the year ended March 31, 2019 and other periods disclosed have not been retrospectively adjusted. The effect of the adoption is not significant to the profit for the period.
- 5 The company on a standalone basis operates in the business segment of promotion of services related to Life Sciences and hence there is only one business segment. The company on a standalone basis is primarily operating in India, which is considered as single geographical segment. Accordingly, segment information has not been separately disclosed.
- 6
- The Novel Coronavirus (COVID-19), a Global Pandemic, is rapidly spreading throughout the world. Outbreak of COVID 19 has significantly affected the social and economic activities worldwide and, as a result, could affect the operations and results of the Company. In line with the advisories, orders and directions issued by the local and state government authorities to prevent and contain the spread of Coronavirus, the Management has taken necessary measures. The Management has taken into consideration the impact of the known internal and external events arising from COVID-19 pandemic in the assessment of recoverability of trade receivables, contract assets and certain investments in subsidiaries upto the date of approval of these financial results. In this assessment, the company has performed sensitivity analysis on the key assumptions used. Such review and analysis performed by the company did not reveal any impairment losses.
However the impact assessment of COVID-19 is an ongoing process, given the uncertainties associated with its nature and duration. The impact of global health pandemic might be different from that estimated as at the date of approval of these financial results and the Company will continue to closely monitor any significant impact on the company's financial position.
- 7 During the quarter ended March 31, 2020, employees have exercised 4,500 equity shares under Employee Stock Option Scheme of the
- 8 Previous period figures have been regrouped /reclassified, wherever necessary to conform to current period's classification.
For and on behalf of the Board of Directors Place : Chennai Srinivasan H.R. Date : June 11, 2020 Vice Chairman & Managing Director Jv.:IAA-·vtU4 ..